741 E Main St Listing Details & Market Data

Bridgeport has approximately 146,570 residents, making it the most populous city in Connecticut, and the fifth-most populous city in New England. Historically, the City of Bridgeport was a manufacturing industry powerhouse from the 1800's until the immediate years following WWII. Since the early 2000’s Bridgeport has implemented substantial economic, urban planning, and business development strategies. Bridgeport presents an investor with the potential for near-term revenue growth as rents continue to climb due to relative affordability to lower Fairfield County Submarkets like Norwalk and Stamford. Many tenants choose to live in Bridgeport and commute down-county in light of rent spreads for similar quality rental options of $1,100/month or more. As these rents continue to grow in Norwalk and Stamford, Bridgeport will continue to draft off this pricing. Additionally, Bridgeport is a maturing market with a significant redevelopment downtown in the Main Street North Corridor, the creation of a new shopping and entertainment district at Steel Point Harbor with a New Bass Pro Shop, rumors of an MGM Casino, and plans to add a second Metro North train station on the city’s East Side. Bridgeport is considered by many industry professionals to have substantial revitalization potential owing to its centralized location between Stamford and New Haven, as well as its existing deep water harbor.Northeast Private Client Group is pleased to present, 741-747 East Main Street, a 9-unit value-add mixed-use property located on the East side of Bridgeport, CT. The property consists of three (3) retail suites, four (4) 1-bedroom apartments, and two (2) 2-bedroom apartments. This is a value-add opportunity for a new owner. Current apartment rents are 18.5% below market rents. All tenants are responsible for gas heat and hot water, and electric. The property is located 0.6 miles from Steelpoint Harbor, a transformative development that will include a national retailers, market-rate multifamily apartments, a deep water marina and several new manufacturing businesses. It is also 1.0 miles from the Bridgeport Metro North Station and Downtown Bridgeport.